what are the benefits and disadvantages to being a financial advisor in a bank vs. another independant firm?

Posted by admin on Friday, February 10, 2006 · 1 Comment 

Eric C asked:


I am wondering what the differences in being a financial advisor in a bank vs another firm (raymond james, ameriprise, axa, etc) are. Both advantages and disadvantages please!

financial advisor
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Comments

One Response to “what are the benefits and disadvantages to being a financial advisor in a bank vs. another independant firm?”
  1. Las Vegas Financial Advisor says:
    February 11, 2006 at 8:00 pm

    Financial Adviser

    Advantages of working in a bank:
    - Warm leads, Referrals from Bankers and Tellers
    - No knocking on doors
    - Customers are already in the branch. It’s really about working with branch staff to profile correctly and refer customers to you
    - Business Hours
    - Corporate/Professional Environment
    - Opportunity for growth
    - Depending on size of branch(es), you might be assigned to 2-3 different branches which provides more opportunity of meeting different clients in different areas

    Disadvantages of working in a bank:
    - Commissions are less

    Advantages of working for independent firm:
    - Maybe better pay
    - More “independent”

    Disadvantages of working for independent firm:
    - Not set schedule, you might have to be at customer’s house at 9pm trying to sign docs/contract
    - Knocking on doors, building your own book of business